YouTube alternative Rumble has become the latest company to confirm plans to add Bitcoin to its balance sheet, just days after its CEO teased the idea on social media.
In a Nov. 25 statement , the video-sharing platform said its board of directors approved the strategy, allocating a portion of the company’s excess cash reserves to Bitcoin at the discretion of the company of up to $20 million.
According to Rumble, any purchases will also be “determined by management in its discretion and will depend on several factors,” such as the market conditions and price of Bitcoin ( BTC ).
Source: Chris Pavlovsk i
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly U.S. presidential administration and increased institutional adoption,” said Rumble chairman and CEO Chris Pavlovski.
“Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury,” he added.
Rumble said the allocation strategy could be suspended, discontinued or modified at any time for any reason.
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